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The Situation
​​​The SP TSX60 Composite Index ( XIU ETF ) is still trading within a ​Falling Wedge Pattern that started back since ​October 16 2014​.We did have a false break down in Mid-January and a strong dead cat ​bounce followed...​ ​​( See 1rst Chart Below - Top Panel - Red Trendline ) Bulls need to break that Wedge Resistance for a sustained rally.​​​​​​​​​​​​​​​​​​​But one interesting technical factor is that​​ the ​SP TSX60 Composite ​Index ( XIU ETF ) broke on the upside the 50 DMA ( Day Moving ​Average ) on ​February 17, a good sign indeed. ​(See Chart Below - Top Panel - Red Line - Ellipse )​.

​​But the most interesting technical factor is that at the same time the 50 DMA was broken on the upside, we are testing the resistance trendline from the PVT indicator ( Price Volume Trend )...​​( See Chart Below - Bottom Panel -Amber Trendline - Ellipse )​.